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How Can You Get a Chase Bank Home Loan Modification?
It is every homeowners’ worse nightmare, a financial crisis that may result in the loss of the family home. There is a solution, an alternative to foreclosure, and that is a modification to the mortgage loan. This depends on your bank and your loan insurer so before you investigate loan modification you should first make an appointment with your mortgage lender. This article outlines the usual expectations for those who hope to get a Chase Bank mortgage modification.
First you need to know who insures your loan. This is not something that people commonly know, usually you don’t even need to access this information, so don’t stress if you don’t have this information immediately. All you need to do is phone Chase Bank and ask. You are in luck if it turns out your insurer is Freddie Mac or Fannie Mae. A $75 billion government loan modification program has recently been developed for those with Fannie and Freddie loans that is meant to help homeowners survive this recession by modifying their monthly payments so they are reduced to just 31% of gross monthly income.
Of course, there are some standards that must be met before you are allowed to access this Making Home Affordable Plan. You must live in the home you own, your debt cannot exceed $729,750 and the loan must have been secured prior to January 1, 2009. Your current monthly payment must be more than 31% of your gross monthly income and you must not have had previous loan modifications. This is a very good plan and if you think you might qualify; find a HUD-approved financial counsellor who will be able to give you more information. The government is actively encouraging modification programs to help everyone by giving both the borrowers and lenders incentive payments.
If you are not insured through Fannie Mae or Freddie Mac, there is still hope. Chase Bank still offers modifications. It won’t be as good as the Making Home Affordable Plan since there is no government funding, but it is still better than foreclosure both for you and for your credit rating. Applicants must still be living in the home they own, and must be holders of a fist mortgage that has not been refinanced or modified earlier. The monthly payments, since government help is not a factor here, may be in the range of 31% to 40% of your monthly income before taxes. If you do meet these requirements, you will have to submit whatever paperwork Chase Bank requests. This will include a hardship letter, all financial records, your pay stubs and your tax returns.
If you are facing foreclosure due to an inability to pay your mortgage, check out Chase Bank home loan modification. If your income and loan fall into the eligible range, you might find you can modify your loan and reduce your monthly payment to something you can afford.
Three Main Categories of Government Grants to Start a Business
For some reason when most people think of government grants to start a business, the the first and only source they think of is the federal government. For some reason people tend to look to the federal grant programs as being the most lucrative.
The fact is that grants are regularly given out by all three governing entities. That’s federal, state and local. Also you may be surprised at how lucrative a grant you can get from your city, even if it’s already strapped for cash.
In fact distressed cities have been known to hand out lucrative land grants to entrepreneurs in the hopes of seeing their economies get a boost. Not only can your business create jobs but it will also generate tax revenue for the city.
Also there’s nothing to stop you from getting government assistance from all three levels of government. Federal state and local. In fact it’s quite common and the one nice thing about grants from a city is that if they don’t already exist, you can petition the city to create one.
You can petition them through the city council to change zoning variances for you as well. However; there is one important thing to keep in mind if you plan to go this route. That is that your plan better be “real good” and benefit the city well.
Or if you don’t have a business plan how about this. Would you believe that both state and federal governments have lists of business types drawn up that they’re ready and waiting to hand out government grants to start a business for. Also in many cases they will even provide you with the training you need to run a business, if don’t already know how.